The zoo found international notoriety in 2016 when the singer Cher launched a campaign to remove its shackled Asian elephant Kaavan
Shareholders also approved plans to sell Islamic bonds, or sukuk, to help finance the company’s investment plans, Saudi Electricity said in a statement on the bourse’s Web site. It did not give more details.
The Gulf’s largest utility by market value will pay 2.9 billion riyals to shareholders, according to a Reuters calculation, more than double the firm’s 2006 net profit of around 1.4 billion riyals.
Saudi Electricity has been struggling to find the funds to meet growing power demand. King Abdullah last year ordered financial aid for the company to help it cope.
Company executives said last month Saudi Electricity may sell between 11 billion riyals and 15 billion riyals of sukuk during the next 10 to 15 years.
One company official, who declined to be identified, said the bonds would be sold in as many as five batches with maturities of five years to 10 years, with the first issue planned in the second half of the year.
The state-controlled company has said 150 billion riyals of investment is needed in the next decade to cope with rising demand for electricity in the world’s top oil exporter, which has a population of about 24 million.
Saudi Electricity made a first-quarter net loss of 434 million riyals.
The zoo found international notoriety in 2016 when the singer Cher launched a campaign to remove its shackled Asian elephant Kaavan
It is expected to roll out preventive and proactive strategies, train and qualify specialists, and prepare scientific research and forecasting studies
A wave of exceptionally hot weather has blasted parts of South and Southeast Asia this week
These ports will be used for take-off and landing of flying vehicles and serve as hubs for passenger pick-up, drop-off, and battery charging
The luxurious PORSCHE DESIGN HONOR Magic V2 RSR and PORSCHE DESIGN HONOR Magic6 RSR editions are available only through invitation, adding more exclusivity and uniqueness
Many motorists who have their vehicles written off will also look for a new one, driving the demand
Spot gold was steady at $2,317.41 per ounce after staying mostly in negative territory earlier in the day
It is likely to be humid by night and Friday morning over some coastal and internal areas